The Minnesota Department of Employment and Economic Development (DEED) announced the first projects awarded funding under the Minnesota Job Creation Fund, a new $24 million program approved by Governor Mark Dayton and the Minnesota Legislature last spring for economic development.
“Minnesota employers have added almost 150,000 jobs during the last three years,” said Governor Dayton. “But we still have more work to do to continue our state’s economic growth, and create more good-paying jobs for Minnesotans. The investments we are making today through the Job Creation Fund will create hundreds of jobs in communities throughout Minnesota.”
The first round of project awards total $2.27 million and will assist companies in creating 240 jobs in Minnesota. The companies are:
Axis Clinicals, LLC (Dilworth) is a clinical trial company that is a subsidiary of Axis Clinicals LTD, an Indian company. Locating a new facility in Dilworth, the company has plans to create up to 100 new full-time permanent jobs and will invest approximately $12 million in the first phase of the project. The company will receive up to $779,988 from the Minnesota Job Creation Fund.
Bluegrass Proteins (Dawson) is based in Kentucky and will be expanding to Dawson in La Qui Parle County. The company plans to create 56 new full-time, permanent jobs and invest about $18.2 million in a facility that will dry whey (a milk byproduct) to produce proteins and permeates as a food additive. The company will receive up to $650,000 from the Minnesota Job Creation Fund.
Harmony Enterprises (Harmony) provides worldwide waste management and recycling solutions through manufacture of waste compactors and recycling balers. They will expand their current operations in Harmony and will add 14 full-time, permanent jobs and invest about $1.1 million. The company will receive up to $215,000 from the Minnesota Job Creation Fund.
Heraeus Medical Components, LLC (White Bear Township) manufactures and sells components used in the manufacture of medical devices. The company serves international, national and local markets. The business intends to expand at its current location in White Bear Township and create 55 jobs and invest about $7.8 million. The company will receive up to $498,100 from the Minnesota Job Creation Fund.
Valmont Industries (Farmington) is a manufacturer of aluminum poles and arms and has operations in Minnesota, Indiana and Canada. Due to an increase in demand, the company is expanding with plans to create 15 full-time, permanent jobs and invest about $1.1 million. The company will receive up to $129,000 from the Minnesota Job Creation Fund.
“The new MN Job Creation Fund launched January 1st, 2014, and is already attracting companies headquartered outside our state and country, as well as Minnesota businesses, to expand and grow in Minnesota,” said DEED Commissioner Katie Clark Sieben. “This pay-for-performance program is working statewide and allows Minnesota to compete for the most attractive business expansions that add high quality jobs to the state's economy.”
The Minnesota Job Creation Fund is a new, pay-for-performance program that provides up to $1 million to businesses after they meet certain criteria, including minimum requirements for job creation and private investments. Under the program, businesses must create at least 10 full-time jobs and invest at least $500,000 to be eligible for financial assistance.
The program is available to businesses engaged in manufacturing, warehousing, distribution, technology and other eligible activities. Companies must work with the local government (city, county or township) where a project is located to apply to DEED to receive designation as a Job Creation Fund business.
Governor Dayton and the Minnesota Legislature allocated $24 million last spring for business incentive programs. Officials said the funding was a necessary investment that will help the state compete for new jobs and businesses.
More details about the Minnesota Job Creation Fund, including application materials, are available on the DEED website at www.tinyurl.com/JobCreationFund.